Increasing Penetration of Internet of Things in Agriculture to Improve Overall Farm Yield is Likely to Drive the Global Smart Agriculture Solution Market at 11.5% CAGR during the Forecast Period, Research Nester
“Smart Agriculture Solution Market:
Global Demand Analysis & Opportunity Outlook 2024”
The
global smart agriculture solution market is segmented into component solution
and region. Component segment is further sub-segmented into hardware, software
& services and others. Likely, hardware segment accounted for major share
of overall smart agriculture solution and is expected to witness significant
growth during the forecast period. Rise in demand for GPS enabled devices and
agricultural drones are also the major factors which are likely to allow
hardware segment to continue its dominance over the forecast period.
Global Smart
Agriculture Solution Market is anticipated to grow at a robust
compound annual growth rate (CAGR) of 11.5% during the forecast period. The global
smart agriculture solution market stood at revenue of around USD 10.2 Billion
in 2016 and is projected to reach at a valuation of USD 38.1 Billion by the end
of 2024. Further, growing adoption of smart agricultural machineries and increasing
investment by leading players in order to help farmers to boost their farm yield
are some of major factors which are likely to fuel the growth of global
agriculture solution market.
The
automated machinery guidance control segment by solution is anticipated to witness
remarkable growth during the forecast period. Rising need to guide smart agricultural
machineries in crop fields is likely to boost the growth of smart agriculture
segment in near future.
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Technological advancements in agriculture sector
Growing adoption of advanced technology in farming such
as agricultural drones, sensors and climate monitoring system is a key factor
which has led the leading players to invest high in technological advancement
of smart agriculture solution. Furthermore, growing providence of data services
to the farmers in order to improve their farm productivity is also driving the
growth of global smart agriculture solution market.
Favourable government initiatives and programmes
Rising demand
for food coupled with reducing arable land area are key reasons which have made
government of different countries to begun convincing farmers and other agro-industrialists
in terms of increasing their farm productivity. Additionally, favorable
government initiatives in emerging economies to provide financial help to the
farmers are also the major factors which are likely to augment the demand for smart
agriculture solution in near future.
However,
lack of internet and wireless connectivity in rural areas are major challenges
towards the growth of smart agricultural sector.
The
report titled “Smart Agriculture
Solution Market: Global Demand Analysis &
Opportunity Outlook 2024” delivers
detailed overview of the global smart agriculture solution market in terms of
market segmentation by component, by solution and by region.
Further, for the in-depth
analysis, the report encompasses the industry growth drivers, restraints,
supply and demand risk, market attractiveness, BPS analysis and Porter’s five
force model.
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Table Of Content @
This
report also provides the existing competitive scenario of some of the key
players of the global smart agriculture solution market which includes company
profiling of Vodafone Group PLC, Trimble
Navigation Ltd., Cisco Systems Inc., Salt Mobile SA, Accenture PLC, Deere &
Co., IBM Corporation, Epicor Software Corporation, Hexagone AB. The
profiling enfolds key information of the companies which encompasses business
overview, products and services, key financials and recent news and
developments. On the whole, the report depicts detailed overview of the global smart
agriculture solution market that will help industry consultants, equipment
manufacturers, existing players searching for expansion opportunities, new
players searching possibilities and other stakeholders to align their market
centric strategies according to the ongoing and expected trends in the future.
Research Nester is a leading service provider for
strategic market research and consulting. We aim to provide unbiased,
unparalleled market insights and industry analysis to help industries, conglomerates
and executives to take wise decisions for their future marketing strategy,
expansion and investment etc. We believe every business can expand to its new
horizon, provided a right guidance at a right time is available through
strategic minds. Our out of box thinking helps our clients to take wise
decision so as to avoid future uncertainties.
Contact for more
Info:
Ajay
Daniel
Phone: +1 6465869123
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